Comments on: Purchase and Sales Agreement Vs. The Option Contract http://fridaycoffeebreak.com/topics/real-estate/purchase-and-sales-agreement-versus-the-option-contract/ Weekly Preforeclosure Updates from Patrick Precourt Tue, 08 Nov 2011 16:01:16 +0000 hourly 1 http://wordpress.org/?v=3.3 By: Rich Steffen http://fridaycoffeebreak.com/topics/real-estate/purchase-and-sales-agreement-versus-the-option-contract/comment-page-1/#comment-121 Rich Steffen Tue, 28 Jul 2009 15:44:28 +0000 http://fridaycoffeebreak.com/?p=286#comment-121 Hi Pat, Thanks for bringing solid reality to the table. If the option contract is working for someone then I say use it. I used it for a while and based on my experiences have reverted back to the P&S. The interesting thing here is all the conversation about this subject seems to center around the title companies and end buyer lenders yet all of the kickback I've received has been from the foreclosing lenders. Back around the 1st of the year I had four deals in a two month period where I used the OC. Two were with Countrywide, one with IndyMac and the last one with Wells Fargo. All four of them gave me a verbal approval, but told me they would not accept the OC. I immediately sent them P&S Agreements to replace the OC's and in turn received my acceptance letters. I don't need to be told a 5th time. Hi Pat, Thanks for bringing solid reality to the table. If the option contract is working for someone then I say use it. I used it for a while and based on my experiences have reverted back to the P&S. The interesting thing here is all the conversation about this subject seems to center around the title companies and end buyer lenders yet all of the kickback I’ve received has been from the foreclosing lenders. Back around the 1st of the year I had four deals in a two month period where I used the OC. Two were with Countrywide, one with IndyMac and the last one with Wells Fargo. All four of them gave me a verbal approval, but told me they would not accept the OC. I immediately sent them P&S Agreements to replace the OC’s and in turn received my acceptance letters. I don’t need to be told a 5th time.

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